Marks & Spencer to close Philippine stores for good on May 2

Stores Specialists, Inc. has announced the ceasing of operations of Marks & Spencer in the Philippines on May 2. 

"This has not been an easy decision. Building Marks & Spencer in the Philippines has been a meaningful and rewarding chapter for our organization. We are deeply grateful to our loyal customers, dedicated employees, and partners who have supported the brand through the decades," the SSI management said in a statement.

While SSI understands the magnitude of this transition, its management also sees it as an essential step toward growth. The company has seen consumer tastes and shopping behaviors evolving, making it both prudent and necessary for SSI to shift its energy and resources toward brands that "reflect the current and future direction of the market."

"Retail is constantly transforming. Change is inevitable, tastes evolve, and therefore, so should we," management continued. "We remain committed to the constant strengthening of our portfolio and delivering experiences that resonate with today's consumers."

To ensure a responsible and respectful transition in the midst of the winding down of operations, SSI has assured it will work closely with employees, partners, and stakeholders. The company will release more details regarding timelines, promotions, and customer advisories as May 2 approaches. 

Marks & Spencer opened its first store in the country almost 40 years ago under the stewardship of SSI. The brand has been an important part of the Philippine retail industry since then, offering generations of Filipino customers its signature British quality, heritage, and innovation. 

There are 19 Marks & Spencer stores nationwide, according to SSI Life.